May 4 2023 Basis period reform: what does it mean for your farming business? Categories: AgricultureTaxation From 6 April 2023, HMRC implemented reforms to the basis period method of assessment which will affect all sole traders, partnerships and LLPs that currently do not prepare their annual accounts to a year ending between 31 March and 5 April. The previous basis period rules Under the previous rules, all unincorporated businesses were assessed more
Apr 21 2023 Basis Period Reform – time to start planning Categories: LeisureTaxation The UK Government have confirmed that the basis period reform will go ahead as planned. This means that the profits and losses of sole traders and partnerships, of which many Furnished Holiday Let (FHL) businesses are operated, will be calculated based on the tax year itself, not the accounting period ending in the tax year more
Apr 6 2023 National Living Wage changes from 1 April 2023 Categories: EQ AccountingPayroll From 1 April 2023, the National Living Wage (NLW) increased by almost 10% to £10.42 for all those aged 23 and over. The National Minimum Wage (NMW), which applies to workers above school leaving age but under 23, and the apprentice rate also increased. The NLW and NMW rates will increase as follows: *Applies to people aged more
Mar 22 2023 Changes to the Option to Tax notification process Categories: Property & ConstructionTaxation The Option to Tax (OTT) allows a business to charge VAT on the sale or rental of commercial property. This effectively turns an exempt supply, on which you cannot recover any VAT, into a taxable supply subject to the normal rules. The attraction of the OTT is that it allows you to recover VAT on more
Mar 15 2023 Spring Budget 2023 Categories: Taxation Chancellor, Jeremy Hunt, delivered what he termed as a “Budget for Growth”, which is “long term & sustainable”. The first headline statement was that the International Monetary Fund confirmed that the UK will not enter a technical recession this year. Furthermore, the Office of Business Responsibility report that inflation will fall from 10.7% to 2.9% more
Oct 24 2022 NIC contribution rates reduced from 6 November 2022 Categories: EQ AccountingPayroll On 22 September 2022, the UK Government announced plans to cancel the Health and Social Care Levy (HSCL), meaning National Insurance contribution rates will reduce by 1.25% from 6 November 2022. As a result, you will need to ensure that your payroll software is updated to accurately reflect the reduced NIC contribution rates for any more
Oct 20 2022 The benefits of Xero for GPs Categories: Cloud AccountingHealthcare In the last year, we have supported a number of our GP clients that have made the move from IRIS to Xero. Xero is an online accounting software that connects your practice to your bank, accountant, bookkeeper and other business apps. The various features within Xero offer a number of benefits to GP practices, allowing more
Oct 17 2022 New Chancellor reverses more tax cuts from Mini-Budget Categories: Taxation In his first speech as the new Chancellor, Jeremy Hunt, reversed almost all the tax cuts announced by his predecessor in the Mini-Budget three weeks ago. This follows on from the announcement on Friday that the Corporation Tax rise would go ahead as planned, increasing to 25% from 1 April 2023. As part of today’s more